Denver Market Update | November 29-December 5, 2023 | Brett's Quick Tips

1. Increased Activity After Thanksgiving: The market has experienced a notable rebound post-Thanksgiving, with expectations of heightened activity in the first two weekends of December.

2. Market Statistics Snapshot: While the average daily active count dipped slightly by -4.9%, new listings surged by an impressive 135.6% week over week and 10.1% compared to last year. Pending transactions witnessed a remarkable 42.1% increase, with 631 listings going under contract.

3. Improved Odds of Selling: The Odds of Selling improved by 11.2% to 42.5%, offering favorable conditions for both buyers and sellers. However, it's essential to note that December's average Odds of Selling historically stood higher at 49.8% from 2013-2019.

4. Inventory Insights: To achieve a balanced market, we'd ideally need 16,469 total listings; however, we currently stand at 6,298, indicating a 38.2% deficit.

5. Showing and Pricing Trends: Last week witnessed 8,912 showings, averaging 1.4 shows per property. On average, it took 14 showings to go under contract within a median of 33 days. While price reductions increased to 55.8%, the reduction size was smaller at -5.3%.

6. 2023 Dynamics: The 2023 market is characterized by a necessity to sell rather than a desire, providing buyers with enhanced negotiating power.

7. Year-End Market Dynamics: As we approach the end of the year, there is a rise in withdrawn and expired units, a crucial factor in drawing down inventory into the 1st quarter of the next year.